Is your superannuation fund invested in nuclear despite banning 'controversial weapons'?
/New research from Australia Institute and Quit Nukes shows that most major Australian superannuation funds invest in nuclear weapons currently, such as Airbus, Raytheon and Lockheed Martin. Many exclude ‘controversial weapons’ but nuclear weapons are not currently in this definition and nuclear weapons companies continue to be invested in by super funds.
Almost a year into the United Nations Treaty on the Prohibition of Nuclear Weapons (TPNW) entering into force in January 2021, nuclear weapons are to be illegal under international law. Other illegal weapons include chemical weapons, biological weapons, landmines and cluster munitions, also ‘controversial weapons’.
Key findings from the study include:
AustralianSuper has almost $1.5 billion in nuclear weapons companies
Most major Australian super funds invest in nuclear weapons but do not disclose this to current or potential members, with details of holdings usually only available in shareholder proxy-voting records which can be tricky to get hold of
Multiple superannuation fund websites say they exclude controversial weapons, but do not list nuclear weapons as controversial despite being banned via international treaty
Six Australian superannuation funds have divested all companies that derive revenue from nuclear weapons: Active Super, Australian Ethical, Christian Super, Cresent Wealth, Future Super and Verve Super
Many websites of funds have statements of principles, but for example, two funds say they exclude nuclear weapons but in the fingerprint of the product disclosure statement (PDS) there is room for significant holdings and funding
Nine funds do not exclude nuclear weapons from their exclusion of controversial weapons and still invest in nuclear weapons companies
Three funds exclude nuclear weapons from their ESG options only
Two funds claim to be nuclear-weapon free, but after some examination, it seems they allow producers in countries that are signed up to the Nuclear Non-Proliferation Treaty, five of which are nuclear-armed states, thus excluding a few smaller manufacturers
There are only about 24 companies involved in nuclear weapon product, so it would not be difficult to exclude them
